Key Takeaways
- • PwC's Global Private Credit Fund Survey 2026 projects the global private credit fund industry to grow from $2 trillion in assets under management to $3.4 trillion by 2030.
- • 81% of credit portfolio managers surveyed expect increased allocations over the next 12 months, with 44% expecting increases of more than 20%.
- • Two-thirds (67%) of managers cite greater competition as the primary driver of fund performance in 2026, ahead of credit defaults and losses (64%).
- • Only 16% of respondents see AI-enabled portfolio monitoring as a current priority, though more than half expect to use AI in underwriting.
- • More than half of managers are not concerned, or only slightly concerned, about rising defaults over the next one to two years.
Summary
PwC's new Global Private Credit Fund Survey projects that the global private credit fund industry will grow from $2 trillion in assets under management to $3.4 trillion by 2030, according to the report released this week. The projection comes despite a difficult year for the asset class, as managers contend with increased economic headwinds, rising competition, compliance costs and fee compression.
The PwC Global Private Credit Fund Survey 2026 draws on responses from more than 120 credit portfolio managers across the US, the UK, Europe, the Middle East, Asia and Australia. The survey was conducted between January and March 2026, and respondents, representing a range of strategies and asset sizes, answered 15 questions with both quantitative data and qualitative commentary. Eighty-one percent of respondents expect increased allocations over the next 12 months, and 44% expect those increases to exceed 20%.
Competition is the leading concern for fund performance in 2026, cited by 67% of managers, followed by credit defaults and losses at 64%. Even so, more than half of managers said they were not concerned, or only slightly concerned, about an increase in defaults over the next one to two years, and fewer than one-fifth said they were concerned or very concerned. Managers expect the most acute stress in consumer and retail (56%), automotive (42%), hospitality and leisure (27%) and technology (24%).
PwC's survey indicates that managers are placing greater emphasis on investment selection, governance and downside protection as returns are flat or falling. Technology adoption is growing but uneven: just over half are implementing new technologies more frequently, and only 16% consider AI-enabled portfolio management a current priority, although more than half say they are most likely to use AI in underwriting.
PwC Global Financial Services leader Mat Falconer said the industry "remains resilient and will continue to grow," but warned that the gap between the best managers and the rest will widen. Winning managers, he said, will demonstrate stronger underwriting, portfolio management and restructuring capabilities to deliver attractive risk-adjusted returns through a cycle.
The article also notes that firms including Franklin Templeton, which sees attractive opportunities in private markets in 2026, and Hamilton Lane, which manages $1.0 trillion in assets under management and supervision and expects private markets to outperform public markets over the next few years, remain constructive. CEOs at Arcmont Asset Management and Churchill Asset Management, part of Nuveen Private Capital, have pushed back against what they view as an unfair critique of private credit, while the article states that retail investors have been "spooked" by recent turbulence.
The PwC Global Private Credit Fund Survey 2026 draws on responses from more than 120 credit portfolio managers across the US, the UK, Europe, the Middle East, Asia and Australia. The survey was conducted between January and March 2026, and respondents, representing a range of strategies and asset sizes, answered 15 questions with both quantitative data and qualitative commentary. Eighty-one percent of respondents expect increased allocations over the next 12 months, and 44% expect those increases to exceed 20%.
Competition is the leading concern for fund performance in 2026, cited by 67% of managers, followed by credit defaults and losses at 64%. Even so, more than half of managers said they were not concerned, or only slightly concerned, about an increase in defaults over the next one to two years, and fewer than one-fifth said they were concerned or very concerned. Managers expect the most acute stress in consumer and retail (56%), automotive (42%), hospitality and leisure (27%) and technology (24%).
PwC's survey indicates that managers are placing greater emphasis on investment selection, governance and downside protection as returns are flat or falling. Technology adoption is growing but uneven: just over half are implementing new technologies more frequently, and only 16% consider AI-enabled portfolio management a current priority, although more than half say they are most likely to use AI in underwriting.
PwC Global Financial Services leader Mat Falconer said the industry "remains resilient and will continue to grow," but warned that the gap between the best managers and the rest will widen. Winning managers, he said, will demonstrate stronger underwriting, portfolio management and restructuring capabilities to deliver attractive risk-adjusted returns through a cycle.
The article also notes that firms including Franklin Templeton, which sees attractive opportunities in private markets in 2026, and Hamilton Lane, which manages $1.0 trillion in assets under management and supervision and expects private markets to outperform public markets over the next few years, remain constructive. CEOs at Arcmont Asset Management and Churchill Asset Management, part of Nuveen Private Capital, have pushed back against what they view as an unfair critique of private credit, while the article states that retail investors have been "spooked" by recent turbulence.
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